Cardano has been one of the most talked-about cryptocurrencies in recent weeks. The platform’s creator, Charles Hoskinson, has been hyping up his project’s upcoming hard fork — Vasil — for quite some time now, and many in the space believe that it might help Cardano break through its current resistance level. So let’s look at why there is so much excitement around Vasil and what it could mean for Cardano moving forward.
What’s the hype around Vasil?
Cardano’s price has been on a downtrend since April, falling by over 22% in the past 30 days alone. The upcoming Vasil Hardfork is expected to be a major catalyst for Cardano’s future growth, potentially leading to an increase in its price.
The Vasil Hardfork was expected to take place this week and will include the Plutus Pioneer Program, a Cardano community initiative to help developers and enthusiasts get involved in the Cardano ecosystem. The upgrade will make the network more developer-friendly, allowing more projects that can utilize the ADA.
“Biggest and Best upgrade”
Hard forks are wide updates made to blockchain networks, and they usually bring some benefits in terms of the network’s capabilities and capacities. IOHK said the coming Vasil says the new hard fork will bring significant performance, lower costs, and capability upgrades to Cardano, describing it as “the most complex program of work” IOHK has taken on and “Cardano’s biggest and best upgrade to date.”
After witnessing a worse bear market than most major cryptocurrencies, Cardano’s community is hoping the new hard fork will induce a surge in price. In the past couple of weeks, Cardano has seen more losses than most other cryptocurrencies, trailing behind XRP in terms of market cap for a while now. The price is way below the 1$ level now and might continue to be so until the market recovers. There are no signs of recovery from this downtrend for ADA. Now the question on everyone’s mind is: Will ADA repeat the momentum seen in previous hardforks?
Initially planned to launch by the end of June, the Cardano network confirmed that the Vasil upgrade will now go live in the last week of July. According to IOHK’s update, the Cardano community has requested a minimum period of 4 weeks to allow stake pool operators, developers, and exchanges the time to test and upgrade before hard forking the mainnet. So all we have to do now is wait for how this will turn out.
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Also Read: Cardano is up and running.
